Life insurers might be better at lead conversions

by Leo Almazora10 Jul 2019

According to data from Philadelphia-based consumer shopping tracking firm Jornaya, life insurers might be more effective than mortgage lenders at converting website visitors into prospects.

The firm recently held an event featuring presentations from members of several of its partner lead-generation companies, which serve mortgage lenders, personal loan providers, insurers, and other companies, reported ThinkAdvisor. Those include marketing and lead analysis specialists at Datalot, eFinancial, RateMarketplace, and LoanDepot.

One presentation focused on lead throughput, or the likelihood that a consumer who lands on the first page of a lead funnel website would submit a lead form and “become an official hand raiser.”

Data in that presentation showed that throughput for insurers rose to 26% in the first quarter of this year, up from 22% in the first quarter of 2017. Over the same period, throughput for mortgage lenders rose to 18% from 13%; based on the Jornaya data, the gap between insurers and mortgage lenders has widened and narrowed over the past few years, though it has never been less than 4 percentage points wide.

The presentation also looked at the time it takes consumers to act on leads from insurers and mortgage lenders. The Jornaya database found that around 80% of mortgage loan database took a minute or less to go from entering the lead-tracking system to ultimately submitting an application for a mortgage loan; almost zero per cent of mortgage-loan leads that converted had a “lead age” of over a week.

On the other hand, around 48% of insurance prospects who converted reportedly had a lead age of less than a minute; 3% had a lead age between one week and one month; and 9% exhibited a lead age of over a month.